Depends upon which side of the peak your current tax rate is on.
Posted on 04/25/2025 12:01:53 PM PDT by E. Pluribus Unum
Why not? They vote rat. Billionaires especially.
Because it doesn’t raise more money and because they will lose Congress if they raise taxes on anybody. Doesn’t matter who it is. It’s bad for the economy and it’s bad for business. Economic ignoramuses.
I just want something that starts paying off our debt and has minimum amount possible for taxation.
Well that should solve things. 🤔. Uh, prolly not.
It’s a waste of time. Billionaires have scores of ways to legally avoid taxes. Raising rates reduces government revenue according to Laffer curve.
Or perhaps this is the opening salvo of abolishing the income tax outright.
One "lucky strike extra" would be the ability to go after politicians who try to hide such conversions, mostly through inappropriate use of campaign funds, for income tax evasion. If it was good enough for the mob, it's good enough for the weasels.
Depends upon which side of the peak your current tax rate is on.
Million+ earners are 1% of population.
Earning less than $100k/ year is the vast majority. Those folks will be crucified if Trump tax cuts are allowed to expire. Winning elections is not every thing, it is the only thing. Losers in election can’t change agenda diddly squat. Sadly increasing tax on million+ earners may the only solution.
Personally I am against any tax increase. But it is stupid to overlook winning elections.
One way that's been used in the past is to simply stop earning income. Bingo! No tax. They may not need the income to live, or may choose to move it offshore. Either way, they don't pay the tax.
On the other hand, with a marginal tax reduction, they'll happily earn more money, pay more tax $$'s and boost the economy.
Especially folks in Hollywood. Tax the s___ out of all rich celebrities.
People that have more than a million in taxable income are worth a lot more than that. They have “people” who will move money and restructure their income streams to reduce their liability.
In the end, their taxable income will probably be lower than it was before the increase. And, Congress will be scratching their heads why it did not work.
A “small” increase would be presented as “feasible” and painless for the ultra rich. In reality, when it doesn’t work, that rate would be applied at $750k, then $500k, and then $200k. It’s a “camel nose under the tent” thing.
Cut the carried interest tax rules.
Wall Street would scream.
You would make a lot of money in tax revenues.
Yacht and Private Jet salesmen would suffer the most.
Why not just kill the "rich" and take all their stuff like the Bolsheviks did?
Isn’t income tax a tax on work?
Carried Interest is a fee that is taxed like an investment. It should be taxed as a fee, which would be the nominal rate. Instead it is treated like a long term capital gain, at 15%.
The return from the actual investment should obviously be taxed as a capital gain.
It’s an old Investment Firm tool that makes them rich without paying tax.
Rhe rich pay pay MORE when taxes are cut, and loopholes are closed.
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